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Author Topic: What's Behind (and Ahead for) the Plunging Price of Oil  (Read 1385 times)
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corruptrelic
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« on: October 25, 2008, 12:47:36 AM »

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Despite the speed of the oil boom, the price crash has jolted OPEC countries, which appear to have assumed that high prices were here to stay. Nigeria and Iran have both set their national budgets according to prices of about $80 a barrel, and Qatar's expectation has been $90 a barrel. "Producers very quickly got used to $100-plus prices," says Lee. "They thought of it as normal and justified. They seem to have very short memories."

http://www.time.com/time/business/article/0,8599,1853775,00.html

I for one am happy to see it handed back to OPEC for their greed over these past few years. When Bush took office a gallon of gas cost around $1.00.. and in the past 8 years has sky rocketed to over $4 a gallon.
Just sad to think that only a few years back we would have laughed at the idea of $2.70 gas.. and now we're actually happy to see it that high (or low, now).
Ah well, at least if it stays below $3 I'll be satisfied.
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« Reply #1 on: October 25, 2008, 12:55:49 AM »

Quote from: corruptrelic on October 25, 2008, 12:47:36 AM

Ah well, at least if it stays below $3 I'll be satisfied.

That's probably exactly the thing they wanted to hear. I'll be satisfied when we're no longer dependent on Mideast oil.
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Canuck
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« Reply #2 on: October 25, 2008, 11:08:30 AM »

I'll be satisfied when a gallon of gasoline no longer costs less than a gallon of water.  Oh wait, you mean we're finally past that fucking ridiculous price point?  Fine, I'll be satisfied when a gallon of gas no longer costs less than a gallon of milk.
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ATB
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« Reply #3 on: October 25, 2008, 01:23:53 PM »

Notice gas prices aren't dropping as quickly as they go up.  And no one elected office is doing anything about it...
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pr0ner
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« Reply #4 on: October 25, 2008, 03:05:28 PM »

Quote from: SensuousLettuce on October 25, 2008, 01:23:53 PM

Notice gas prices aren't dropping as quickly as they go up.  And no one elected office is doing anything about it...

Maybe because a gas station owner wants/needs to sell his older gas he bought at a higher price somewhere near that price so he doesn't take a total bath on it?  So he, you know, can attempt to make a profit and keep his station open?
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Alefroth
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« Reply #5 on: October 25, 2008, 03:32:53 PM »

Quote from: pr0ner on October 25, 2008, 03:05:28 PM

Quote from: SensuousLettuce on October 25, 2008, 01:23:53 PM

Notice gas prices aren't dropping as quickly as they go up.  And no one elected office is doing anything about it...

Maybe because a gas station owner wants/needs to sell his older gas he bought at a higher price somewhere near that price so he doesn't take a total bath on it?  So he, you know, can attempt to make a profit and keep his station open?

And your defense for why he raised the price so eagerly on gas he'd already bought for less?

Ale
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pr0ner
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« Reply #6 on: October 25, 2008, 04:26:47 PM »

Quote from: Alefroth on October 25, 2008, 03:32:53 PM

Quote from: pr0ner on October 25, 2008, 03:05:28 PM

Quote from: SensuousLettuce on October 25, 2008, 01:23:53 PM

Notice gas prices aren't dropping as quickly as they go up.  And no one elected office is doing anything about it...

Maybe because a gas station owner wants/needs to sell his older gas he bought at a higher price somewhere near that price so he doesn't take a total bath on it?  So he, you know, can attempt to make a profit and keep his station open?

And your defense for why he raised the price so eagerly on gas he'd already bought for less?

Ale

To have funds available to buy his next tank fill at inflated prices?

Or because we're a free market, and he can?
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Doopri
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« Reply #7 on: October 26, 2008, 12:36:58 AM »

a while ago people came up with the term that prices are "downwardly inflexible" or sometimes just "sticky" - its a nice phrase for why things that go up go WAAAAY up, way quickly - and then dont seem to come back down when the situation reverses itself...  ill let the reader make their own determinations as to why...

Quote
Or because we're a free market, and he can?

technically, one of the qualifications for a competitive free market is exactly that he CANT do this.  the fact that you (rightly so) think that he CAN do this is the reason the high price of gasoline had NOTHING to do with "free market" and everything to do with speculation and pricing power - and most independently owned gas stations were as badly hurt by the high prices as the rest of us
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Turtle
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« Reply #8 on: October 27, 2008, 01:43:54 AM »

You know, I wouldn't have minded the higher price of gas so long as it helped push viable alternative energy technology.

Seriously, there's better things we coudl be using our fossil fuels for than burning it.
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jament
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« Reply #9 on: October 27, 2008, 04:14:34 PM »

Yeah, I don't know...

30 miles from where I live, we have 4 wind farm projects.  The first phase is done, about 10 miles from the coal-fired power plant where they'll put that electricity generated from the first 60 turbines on the grid.  Eventually, there will be around 300 wind turbines in that area.

Each turbine requires hundreds of yards of concrete, brought in from 60 miles away.  Each turbine, blade set and tower is brought in from the east coast by rail and trucked the last 300 miles to the site.  Each turbine requires that 6 semi-trucks (1 for turbine engine, 2 for blades, 3 for tower) and twelve pilot cars make that 600-mile round trip.  So, 10,800 miles per turbine on the highway and thousands of miles by diesel-powered rail.  Then there's the energy required to engineer, manufacture and produce each unit - impressive pieces of machinery, to be sure.

The first phase, according to the utility, will provide 16.8 megawatts of power when fully functional, enough to power an average of 4,300 households per year and the turbines are projected to last for 25 years.  That's some pure, clean, renewable energy.  So clean that if we consider the carbon footprint of the manufacture and installation of each turbine, if they operate trouble-free for 25 years, we could actually break even.

It's schadenfreude.
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Caine
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« Reply #10 on: October 27, 2008, 10:43:19 PM »

Quote from: jament on October 27, 2008, 04:14:34 PM

Yeah, I don't know...

30 miles from where I live, we have 4 wind farm projects.  The first phase is done, about 10 miles from the coal-fired power plant where they'll put that electricity generated from the first 60 turbines on the grid.  Eventually, there will be around 300 wind turbines in that area.

Each turbine requires hundreds of yards of concrete, brought in from 60 miles away.  Each turbine, blade set and tower is brought in from the east coast by rail and trucked the last 300 miles to the site.  Each turbine requires that 6 semi-trucks (1 for turbine engine, 2 for blades, 3 for tower) and twelve pilot cars make that 600-mile round trip.  So, 10,800 miles per turbine on the highway and thousands of miles by diesel-powered rail.  Then there's the energy required to engineer, manufacture and produce each unit - impressive pieces of machinery, to be sure.

The first phase, according to the utility, will provide 16.8 megawatts of power when fully functional, enough to power an average of 4,300 households per year and the turbines are projected to last for 25 years.  That's some pure, clean, renewable energy.  So clean that if we consider the carbon footprint of the manufacture and installation of each turbine, if they operate trouble-free for 25 years, we could actually break even.

It's schadenfreude.

pitifully sad when you put it that way.  don't forget the carbon footprint of all the people who designed, manufactured, delivered, installed, operate and maintain the site. 
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